8-Unit Apartment
New
For Sale
$1,900,000
2352 Alki Ave SW, Seattle, WA 98116
Select residences offer water views, with shared laundry and off-street parking available on site.
Property Size4,524 SF
Lot Size0.15 Acres
Price / SF$419.98
Days on Market7
Property Features for 2352 Alki Ave SW
General Information
Standard status
Active
Size
4,524 SF
Total Parking Spaces
2
Lot size
0.15 Acres
Property subtype
Multi-Family
Zoning
LR2 (M)
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
8
Amenities
dual-pane vinyl windows
individually controlled electric baseboard heating
on-site common laundry room
Building Details
Year Built
1901
Buildings
1
Listing Agency:
Paragon Real Estate Advisors
Listed By:
Tanner Fogle
Source:
Pugetsoundpropertyguide
Added: Oct 14
Changed: Oct 19
Last Checked: Oct 19 at 2:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Paragon Real Estate Advisors
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Investment Insights
Based on property information with market context.
Built in 1901, this 8-unit apartment property contains 4,524 square feet on a 6,640-square-foot lot. Select apartments have water views. Building features include dual-pane vinyl windows, individually controlled electric baseboard heat, a shared laundry room, and two off-street parking stalls. The property is zoned LR2 (M).
The building fronts Alki Avenue SW in Seattle. Alki Beach Park and the Alki Trail are nearby, while Alki Point Lighthouse and Statue of Liberty Plaza are within walking distance. King County Water Taxi service connects the area with Downtown Seattle, and the Route 775 shuttle stop is 0.1 miles away.
The building fronts Alki Avenue SW in Seattle. Alki Beach Park and the Alki Trail are nearby, while Alki Point Lighthouse and Statue of Liberty Plaza are within walking distance. King County Water Taxi service connects the area with Downtown Seattle, and the Route 775 shuttle stop is 0.1 miles away.
Key Highlights
- 8 apartments in a 4,524‑square‑foot building, constructed in 1901
- 6,640‑square‑foot lot zoned LR2 (M)
- Select apartments have water views
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$76,355
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,527,100
$1.5M
Cap Rate 7%
$1,090,786
$1.1M
Cap Rate 9%
$848,389
$848.4K
Market Conditions
NOI Build-Up for 4,524 SF
Gross rent
$143.9K $31.80/SF
− Vacancy
−$5.0K −$1.11/SF
EGI
$138.8K $30.69/SF
− OpEx
−$62.5K −$13.81/SF
NOI
$76.4K $16.88/SF
Area
Seattle, WA
Vacancy
3.50%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,527,100
Cap Rate 7%
$1,090,786
Cap Rate 9%
$848,389
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$954.4K – $1.27M
NOI $76,355 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,274 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
8
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 98116, WA
27,691
Population
14,652
Households
1.9
Avg Household Size
41
Median Age
69%
College-Educated
98%
High-School Grad
3.0 sq mi
ZIP Area
9,230
Density / Sq Mi
$130,504
Median Household Income
$86,680
Median Earnings
$2,033
Median Rent
$917,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Select residences offer water views, with shared laundry and off-street parking available on site.
Where is this apartment building located?
The property is located at 2352 Alki Ave SW Seattle, WA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 8 apartments in a 4,524‑square‑foot building, constructed in 1901; 6,640‑square‑foot lot zoned LR2 (M); Select apartments have water views
